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The following information in red was taken from the City Government website and indicates the mission and objectives of the finance department. Unfortunately this Division has been responsible for the financial mismanagement of the city as shown in the information listed in black. The information from the city website is listed in red, an appropriate color for this cycle of mismanagement. MISSION To provide fiscal leadership, integrity and superior financial services through prudent and efficient management of the City's financial affairs. Director, Charles Williamson Administration provides leadership and direction to all Finance Division service centers and coordinates all financial functions of the City. The goal is to develop, evaluate, revise and encourage adherence to finance policies and procedures that promote the City's fiscal health, safeguard its assets and aid its effectiveness in achieving strategic financial goals. Administration/Financial Operations Deputy Director, Sheila Whalum Administers the debt and investment management functions for the City; prepares and monitors scheduled debt payments to custodian bank and third party payee from the City; administers all transactions related to compliance with federal arbitrage rules and regulations; works with the outside consultants who calculate the arbitrage rebate liability as it pertains to the investment of bond proceeds; prepares invoices for various vendors; administers the preparation of bond sale and closing documents with financial advisor and bond counsel. Invests the City's cash from property tax collections, State shared revenue, local sales tax collections and other sources in such a manner to ensure the absolute safety of principal and interest, meet the liquidity needs of the City and achieve the highest yield possible in accordance with the City's investment policy. Joseph Lee, who was the former head of the Finance Department, was forced on the Memphis Light Gas and Water Division. His record at the City in charge of finance was headlined in the paper reporting that he concealed a shortfall in City revenues before the municipal elections in October 2003 in which the Mayor told the public that the City's finances were in great shape and no tax increases would be needed. Then after the elections, he revealed a multimillion dollar shortfall. He then arrogantly told the public that there was a gentleman's agreeement between himself and the City Council to not reveal this shortfall before the October 2003 elections. Now he is talking about a property tax increase to make up for this fiscal mismanagement. The 1992 budget for the finance division was $2,967,376. The 2005 proposed budget for the finance division is $4,849,450. While this increase is substanntial compared to the CPI for this period, the size of the budget compared to the total city budget is small, but the damage that this division has inflicted on the taxpayers of Memphis is HUGE | FIRE AND POLICE NEWS | PARK SERVICES | CITY ATTORNEY'S OFFICE | PUBLIC WORKS | ENGINEERING DIVISION | FINANCE DIVISION | SALARY & BENEFITS | APPOINTED CITY EMPLOYEES | MEMPHIS SCHOOL SYSTEM | RIVERFRONT DEVELOPMENT CORP | INDUSTRIAL DEVELOPMENT BOARD | HOUSING AND COMMUNITY DEVELOPMENT | MEMPHIS SHELBY COUNTY AIRPORT AUTHORITY | | Return Home | 2009 NEWS | MEMPHIS CITY GOVERNMENT NEWS | MEMPHIS CITY COUNCIL NEWS | MLG&W NEWS | SHELBY COUNTY GOVERNMENT | CONTACT US | |
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